Market may add gains

Most of the leading Asian indices are currently trading with a gain of over 1% each. The surge in the US markets on the back of strong economic news and hoping that the Fed may cut interest rates again in its next policy meeting may help the market log gains. FIIs turning net buyers in equities and fall in the oil prices may boost the market sentiment. Among the key local indices, the Nifty has a strong support at 5750, while on the upside the index could test higher level around 6200. The Sensex has a likely support at 19300 and may face resistance at 21000.

The Dow Jones soared about 200 points on Wednesday, on a mix of strong economic news and hopes that the Federal Reserve will cut interest rates again at its policy meeting next week. While the Nasdaq surged by 47 points at 2666.

Indian ADRs witnessed strong buying support on US bourses. MTNL notched up significant gains and soared over 6% . The other Indian floats, Tata Motors, HDFC Bank and VSNL surged over 4% each. while Infosys, Satyam, Patni Computer and Dr Reddy's were up around 1-2% each.

Crude oil prices slipped marginally. The US light crude oil for January series declined by 83 cents at $87.49 a barrel. In the commodity space, the Comex gold for February delivery slipped by $3.90 to settle at $803.70 an ounce.